Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry is resilient, and the top-down "anti-involution" is driving up express prices, releasing profit elasticity for companies, indicating a favorable long-term competitive opportunity for e-commerce express delivery [17] - The oil transportation market may see a significant price increase due to escalating conflicts in the Middle East, which could limit Iranian oil exports [5] - The shipping market is expected to benefit from OPEC+ production increases and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [17] Industry Dynamics Tracking Shipping and Ports - The SCFI comprehensive freight index increased by 6.5% week-on-week to 1333 points, with notable increases in shipping rates to Europe, the Mediterranean, and the US [5] - The BDTI index for crude oil shipping rose by 6.47% to 1870 points, with VLCC TCE increasing by 30.2% [6] - The BCTI index for refined oil shipping increased by 3.3% to 838 points, with significant rises in rates for LR1 and MR vessels [6] - The BDI index for bulk carriers rose by 2.7% to 2120 points, indicating a positive trend in bulk shipping rates [6] - New ship prices have generally decreased, with the new ship price index down by 0.57 points to 182.15 points [6] Express Logistics - The Zhejiang Postal Administration has outlined nine key tasks for 2026, focusing on maintaining fair competition and enhancing service quality in the express delivery sector [9] - During the Spring Festival, the express delivery volume in Yiwu reached a historical high of 56.3 million packages in a single day, with a year-on-year growth of 10% in package volume [10] - Shentong Express emphasized the role of AI in operations, aiming for a collaborative strategy focused on experience, market share, and profit [11] Aviation and Airports - During the 2026 Spring Festival holiday, civil aviation transported 22.05 million passengers, a year-on-year increase of 7.7% [13] - The number of inbound foreign tourists increased by 49.5% in 2025, indicating a recovery in international travel [14] Road and Rail - National logistics operations were orderly from February 16 to February 22, with rail freight down by 10.72% and highway freight traffic down by 70.59% [16] Sub-industry Data Tracking Express Logistics - In December 2025, the national express service volume reached 18.21 billion pieces, a year-on-year increase of 2.3% [26] - In January 2026, YTO Express achieved a business volume of 2.943 billion pieces, a year-on-year increase of 29.75% [33] Shipping - The Clarksons comprehensive freight rate was $37,591 per day, a week-on-week increase of 10.37% [49] - The BDI index for bulk shipping rose by 2.70% [49] Aviation - In January 2026, civil aviation completed a passenger transport volume of approximately 63 million, a year-on-year decrease of 2.9% [59] Ports - From February 16 to February 22, 2026, China's port cargo throughput was 187.61 million tons, a week-on-week decrease of 21.75% [80]

Stocks slumped as the conflict in the Middle East crippled travel through some of the world's most crowded transit arteries. ...

板块市场回顾 上周（2026/2/21-2026/2/27）交运指数上涨 3.3%，沪深 300 指数上涨 1.1%，跑赢大盘 2.2%，排名 14/29。交运子板 块中航运板块涨幅最大(+11.9%)，机场板块跌幅最大(-1.8%)。 行业观点 快递：部分快递公司受益反内卷涨价影响。上周（2 月 16 日-2 月 22 日）邮政快递累计揽收量约 8.06 亿件，同比- 77.8%,环比-64.7%；累计投递量约 6.3 亿件，同比-83.7%,环比-81.1%。在监管底线较明确、反内卷思路延续的背景 下，行业价格大幅下探概率不高，同时考虑去年同期基数偏低，当前价格同比改善仍有望对利润端形成支撑，看好龙 头企业份额持续提升，关注中通快递，极兔海外市场保持较高成长持续看好。 物流：化工品价格看涨，看好化工物流。本周中国化工产品价格指数(CCPI)为 4041 点，同比-8.1%，环比-持平。本 周对二甲苯（PX）开工率为 93.25%，环比持平，同比+1.9pct；甲醇开工率为 87.4%，环比+0.1pct，同比+11.9pct； 乙二醇开工率为 66.2%，环比+0.9%，同比+6.3pct。原油价格上涨化 ...

航空淡季不淡把握加仓机会，油运大周期加速持续看好 交通运输 证券研究报告/行业定期报告 2026 年 02 月 28 日 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740522040001 | | 南方航空 | 7.34 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -31.91 | -81.56 | 24.30 | 16.85 | 13.48 | 买入 | | | | 中国东航 | 5.73 | -0.37 | -0 ...

日前，民航局发布的《2025年全国民用运输机场生产统计公报》显示，截至2025年底，我国境内颁证运输机场共270个（不含港澳台地区）。 其中，随着广东揭阳潮汕机场旅客吞吐量突破千万人次，年旅客吞吐量1000万人次以上的运输机场增至41个。 这意味着，全国航空流量超"千万"的城市，又增加了一个。 与此同时，航空吞吐量"十强"城市排名也经历新一轮洗牌。在航空枢纽地位的竞争中，哪些城市在上升？哪些城市需要加快脚步？ 01 41座旅客吞吐量超过"千万"的机场，内部分化其实比较明显。 位居金字塔顶端的为上海浦东和广州白云机场，是目前仅有的两座吞吐量超过8000万人次的机场。 | 机场 | | | 旅客吞吐量(人次) | | | | 货邮吞吐量(吨) | | | 起降架次(架次) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 比上年同 | | | | 比上年 | | | | 比上年同 | | | 名次 | 本期完成 | 下年回 M | 期增减少 | | 本期完成 | 上年同期 ...

这份涵盖268家机场的"成绩单"，不仅折射出中国民航业的复苏与分化，更揭示了区域经济发展的深层 逻辑。 2025年，全国机场合计完成旅客吞吐量15.29亿人次，较上年同期增长4.8%。 看似平稳的增长数据背后，实则暗流涌动： 头部强势 中部承压 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：民航之翼 最近，民航局公布了2025年全国民用运输机场吞吐量数据！ 区域博弈加剧 中国民航机场正迎来一场深刻的大变局。 一、强者恒强：头部效应愈发显著 2025年，"强者恒强"的逻辑持续强化，头部枢纽凭借资源优势，进一步拉开与后续梯队的差距。 排名前10的机场旅客吞吐量均突破4900万人次，其中"5000万+"机场从5座增至9座，形成稳固的第一阵 营。 值得关注的是，头部机场不仅体量领先，增速也远超全国平均水平。 前十机场中，有七座机场增速超过全国平均增速。 第一繁忙机场上海浦东机场增速10.7%，增速在前40大机场中排名第一。 第二繁忙机场广州白云机场增速9.5%，增速在前40大机场中排名第二。 规模最大的机场增速最快，规模第二的机场增速第二，这样的情况也是前所未有过的。 更加值得注意的 ...

Core Insights - The meeting held on February 27 highlighted the achievements of Jingzhou Airport, which was awarded the title of "Advanced Collective" for its role in enhancing the city's overall capabilities and supporting the construction of a demonstration zone [1][3] - Jingzhou Airport has maintained a strong safety record, achieving five consecutive years of "zero accidents" and implementing a collaborative safety governance system [3] Performance Highlights - In 2025, Jingzhou Airport recorded 11,956 flight takeoffs and landings, serving 1.2509 million passengers, surpassing the one million mark two months ahead of schedule compared to 2024 [3] - The airport achieved a consistent monthly passenger throughput of over 100,000 for nine consecutive months, marking its entry into the top 100 airports in the country [3] Future Plans - Jingzhou Airport aims to leverage its recent recognition to accelerate the construction of its Phase I expansion project, focusing on enhancing comprehensive support capabilities, safety margins, operational efficiency, and service quality [3]

安徽机场集团所属各机场安全平稳运行，顺利实现马年春节"开门红"。合肥机场2月15日至23日旅客吞 吐量达37.2万人次，较去年春节假期日均增长8.0%；客运航班起降0.27万架次，日均增长4.0%；节日期 间航班客座率89%，同比增长3个百分点。合肥机场马年春节期间旅客吞吐量超出预期，一方面得益于 超长假期激发旅客出游意愿，另一方面"跟着春晚游合肥"系列文旅活动对外地游客来皖旅游的拉动促进 作用明显。春节9天假期中，有7天合肥机场当日旅客吞吐量超过4万人次，其中2月22日（正月初六）突 破4.7万人次，为近期最高峰。 芜宣机场春节假期运行数据亮眼，共保障客运航班起降334架次，同比增长52.5%；服务进出港旅客 40215人次，同比增长81.2%。2月22日至23日，芜宣机场单日客流连续突破5000人次，创下假期客流新 高。机场周密部署、压实责任，井然有序做好各项服务与运行保障，确保旅客出行安全顺畅。 黄山机场春节假期保障航班起降60架次，完成旅客吞吐量超6000人次，其中出入境人数327人次，节日 期间航班客座率达84.7%，同比提升10.5个百分点。池州机场春节期间完成旅客吞吐量1.46万人次，同 比增长 ...

春节放假第一天，针对东南沿海出现的低能见度大雾天气，江苏监管局领导带队深入南京机场生产一 线，重点查看AOC运行、候机楼旅客值机、安检等现场保障情况，确保旅客出行顺畅高效。2月17日， 浙江监管局领导带队组织适航维修监察员赴萧山机场停机坪及长龙航空AOC，以"四不两直"的方式开展 督导检查。监察员抽查过站航空器适航状况及维修放行情况，对机坪工作梯、拖把等常用设备设施的停 放、系留、维护、使用和管理情况进行检查。在长龙航空AOC，监察员核查了当日运行情况及近日航 空器故障管控工作，并对前期春运检查中发现问题的整改情况开展复核，督促公司确保各项措施落实到 位，持续关注冬季运行常见故障。 温州监管局深入温州机场安检现场，重点围绕勤务运行保障、季节性风险防控、安检设施设备运行三方 面开展督导。监管局通过参加班组会、现场观察等方式，详细了解春节长假期间安检人员轮休安排及备 勤力量配置情况；针对春运期间锂电池、烟花爆竹等节日高发违禁品查控工作进行重点提示，并就旅客 厚重衣物、大量返乡行李对安检效能的影响进行警示，督促安检部门动态调整勤务重心；现场查看X光 机、安全门等安检设备的运行状态及日常维保记录，确保设施性能可靠、运 ...

Group 1: Core Insights - The report emphasizes a clearer investment strategy post-Spring Festival, highlighting a global asset rebalancing with industrial, financial, and energy sectors gaining favor while technology stocks show internal differentiation [3][8] - The focus has shifted from whether AI is a bubble to understanding its macroeconomic impacts and identifying key supply-demand dynamics in various industries [3][9] - The report indicates that the U.S. GDP growth for Q4 2025 was below expectations, primarily due to government spending, but investment in AI remains strong, suggesting a broader recovery in manufacturing [9][10] Group 2: Industry and Company Recommendations - **Aluminum Sector**: Yun Aluminum (000807.SZ) is recommended due to favorable export demand driven by overseas monetary easing and structural growth in energy storage and grid sectors, with a positive outlook on aluminum prices [14] - **Petrochemical Sector**: Rongsheng Petrochemical (002493.SZ) is highlighted for its significant scale and integration in refining, with potential for improved margins as product prices recover [15] - **Machinery Sector**: Yingliu Technology (603308.SH) is expected to benefit from a surge in global gas turbine demand, with potential for exceeding client expectations [16] - **Non-Banking Financials**: Guotai Junan (601211.SH) is positioned well for growth due to market activity and expected strong performance in Q1 [17] - **Public Utilities**: Sheneng Co. (600642.SH) is noted for its diversified energy portfolio and stable profitability, with ongoing projects expected to enhance performance [18] - **Aerospace and Defense**: AVIC Heavy Machinery (600765.SH) is recognized for its comprehensive supply capabilities in aviation and military sectors, with growth potential in new engine orders [19] - **Textiles and Apparel**: HLA Corp (600398.SH) is recommended for its strong domestic market position and growth in international collaborations [20] - **Transportation**: China Southern Airlines (1055.HK) is expected to benefit from improving industry supply-demand dynamics and a large fleet size [21] - **Biopharmaceuticals**: Innovent Biologics (1801.HK) is highlighted for its rapid sales growth and international collaborations, with significant revenue potential from new product approvals [22] - **Electronics**: Lante Optics (688127.SH) is positioned to benefit from strong demand in automotive and smart imaging sectors, with growth expected from new product launches [24] Group 3: ETF Recommendations - The report suggests focusing on ETFs such as the Oil ETF (561360.OF), Grid ETF (561380.OF), and Chemical ETF (516220.OF) based on their recent performance and growth potential [13]